Major gainers in the Sensex pack were Wipro, Kotak Bank, Infosys, Maruti, Tata Motors, L&T, IndusInd Bank, Hero MotoCorp, M&M, SBI, ONGC, HDFC Bank and HUL, rising up to 3 per cent.
Engineering giant Larsen and Toubro (L&T) is selling a third of its 6.9 per cent stake in Mahindra Satyam, formerly Satyam Computer Services. The transaction is expected to fetch Rs 304 crore (Rs 3.04 billion) for the company, said banking sources.
The company aims to book a profit of over Rs 250 crore from the open market sale, said two sources familiar with the development.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Jaiprakash Power Ventures Ltd (JPVL), promoted by the $7-billion Jaypee group, has signed a Rs 4,000-crore agreement with Larsen & Toubro Ltd, the engineering and construction major, for supply of equipment for its Nigrie Super Thermal Power Project in Madhya Pradesh.
Tata Motors was the biggest gainer in the Sensex pack, rallying 2.94 per cent. It was followed by Vedanta, Bajaj Finance, Sun Pharma, ONGC, ICICI Bank, Bajaj Auto, Tata Steel, RIL, HDFC duo, L&T and SBI, rising up to 2.78 per cent.
Reliance Industries was the biggest loser in the Sensex pack, falling 2.62 per cent, followed by Nestle India, IndusInd Bank, UltraTech Cement, M&M and SBI.
While Vedanta was the biggest gainer in the Sensex pack rallying 4.67 per cent, others included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 per cent.
Competitive bids to select the new owner for Satyam Computer Services, once India's fourth largest software company, will soon be announced.
Nikunj Saraf, Vice President Choice Wealth, answers your queries
Compare the post tax returns and tenure of debt instruments before investing.
Even the big and eager will find it quite a mouthful.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Other losers included Vedanta, Tata Steel, NTPC, ONGC, L&T, M&M, Coal India, Maruti, PowerGrid, Axis Bank, ITC and HDFC, dropping up to 5.75 per cent. On the other hand, Kotak Bank, Bharti Airtel, HCL Tech, Bajaj Finance and Hero MotoCorp rose up to 0.95 per cent.
Engineering major Larsen & Toubro said on Tuesday it has not received any intimation from market regulator Securities and Exchange Board of India regarding its chairman and managing director, A M Naik's comment on the Satyam issue.
Says Satyam is not a commodity. B K Modi of Spice had earlier pushed for e-auction, for its transparency.
Speaking to private TV news channel CNBC TV18, Naik said, "Some corporate action will take place in the near future but we cannot comment on taking over Satyam at this stage."
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
ICICI Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by ITC, SBI, HCL Tech, Axis Bank, Bajaj Finserv and Tech Mahindra. NSE Nifty advanced 32 points to 15,856.05.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
His mother was so furious with him that she made him eat karela for lunch and dinner for an entire week.
Retail investors have gained significant heft in the past year amid a sustained uptick in Indian equities. The share of retail investors in companies listed on the NSE reached an all-time high of 7.32 per cent in the quarter ended December 31, 2021, up from 7.13 per cent in the previous quarter and 6.9 per cent a year ago, the data from PRIME Infobase shows. This was despite the Nifty's 1.5 per cent decline during the quarter.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
"L&T was looking to provide reliable control systems offering for the rapidly developing power generation sector in order to complete its electrical and automation suite," L&T President Operations and member of the board R N Mukhija said. As per the partnership agreement, GE Energy would provide its power plant main control system products to L&T, the company said in a filing to the Bombay Stock Exchange.
Hinting towards a possible takeover of Satyam Computer, engineering major Larsen & Toubro on Friday raised its stake in the beleaguered IT firm to 12 per cent through open market share purchases.
The country's top life insurer, which has over four per cent stake in Satyam, however, ruled out joining the race for acquiring the troubled IT firm, either alone or with L&T.
Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector.
Reliance was the top gainer in the Sensex pack, surging over 3 per cent, followed by ICICI Bank, Bharti Airtel, Dr Reddy, Maruti and ITC.
Larsen and Toubro (L&T) is one company which seems to be bucking the slowdown trend. The engineering and construction behemoth has projected an order book of Rs 66,000 crore (Rs 660 billion) by March 2009, a growth of 30 per cent over the previous year.
Mumbai International Airport Pvt Ltd is a joint venture between GVK-SA consortium and Airports Authority of India. It was awarded the mandate of upgrading and expanding the Chhatrapati Shivaji International Airport. As per the contract, L&T would build the new integrated passenger terminal and expand the existing facilities, the company informed the Bombay Stock Exchange.
L&T is planning a foray in PE fund in the real estate market with a Rs 4500 crore fund.
The S&P BSE Sensex rose 486 points to close at 26,367.
The metro rail commenced its operations between Miyapur and Nagole, having a total distance of 30 kilometre and 24 stations.
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